AllianceBernstein National Municipal Income Fund

AFB

Market cap $314M

We review the CEF market valuation and performance through the first week of April and highlight recent market action. Closed-end funds rebounded, with discounts tightening to historic averages as all sectors finished in the green except MLPs. Gabelli Equity CEF launched an unusual 10:1 rights offering with a fixed subscription price, later reduced to $5, causing discount widening.

NEW YORK, March 27, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed–end investment company, today announced earnings for the Fund's first fiscal quarter ended January 31, 2026. Total net assets of the Fund* on January 31, 2026 were $347,515,671 as compared with $350,811,480 on October 31, 2025, and $357,190,362 on January 31, 2025.

NEW YORK, March 23, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of February 28, 2026. AllianceBernstein National Municipal Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio % 1) San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55 3.71 % 2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53 2.10 % 3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54 1.99 % 4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 1.97 % 5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53 1.92 % 6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54 1.90 % 7) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54 1.84 % 8) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55 1.84 % 9) Worthington City School District Series 2025-2 5.50%, 12/01/54 1.84 % 10) City of New York NY Series 2023 4.125%, 08/01/53 1.83 % Sector/Industry Breakdown Portfolio % Revenue Airport 13.53 % Health Care - Not-for-Profit 11.11 % Revenue - Miscellaneous 6.94 % Toll Roads/Transit 5.82 % Industrial Development - Airline 5.18 % Prepay Energy 4.78 % Primary/Secondary Ed.

NEW YORK, March 23, 2026 /PRNewswire/ -- The AllianceBernstein Closed-End Funds declared the following distributions today: FUND NAME AND DISTRIBUTIONS EX-DATE RECORD DATE PAYMENT DATE AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) 4/2/2026 4/2/2026 4/17/2026 $0.0655 per share of investment income AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) 4/2/2026 4/2/2026 4/17/2026 $0.05018 per share of investment income The Funds are managed by AllianceBernstein L.P. View original content:https://www.prnewswire.com/news-releases/alliancebernstein-closed-end-funds-announce-distribution-rates-302722387.html SOURCE AllianceBernstein Closed-End Funds

NEW YORK, Feb. 23, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of January 31, 2026. AllianceBernstein National Municipal Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio % 1) San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55 3.69 % 2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53 2.13 % 3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54 1.99 % 4) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53 1.98 % 5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 1.97 % 6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54 1.90 % 7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55 1.86 % 8) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54 1.85 % 9) Worthington City School District Series 2025-2 5.50%, 12/01/54 1.85 % 10) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55 1.83 % Sector/Industry Breakdown Portfolio % Revenue Airport 13.96 % Health Care - Not-for-Profit 10.90 % Revenue - Miscellaneous 6.95 % Toll Roads/Transit 5.88 % Industrial Development - Airline 5.18 % Prepay Energy 4.78 % Higher Education - Private 3.81 % Primary/Secondary Ed.

NEW YORK, Feb. 23, 2026 /PRNewswire/ -- The AllianceBernstein Closed-End Funds declared the following distributions today: FUND NAME AND DISTRIBUTIONS EX-DATE RECORD DATE PAYMENT DATE AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) 3/5/2026 3/5/2026 3/20/2026 $0.0655 per share of investment income AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) 3/5/2026 3/5/2026 3/20/2026 $0.05018 per share of investment income The Funds are managed by AllianceBernstein L.P.   View original content:https://www.prnewswire.com/news-releases/alliancebernstein-closed-end-funds-announce-distribution-rates-302694892.html SOURCE AllianceBernstein Closed-End Funds

Municipal bond closed-end funds (CEFs) are seeing narrowing discounts, with NXP and MHF offering the most compelling value in the space at present. Leverage costs are easing as the Fed cuts rates, which should improve distribution coverage and make leveraged muni CEFs more attractive. Of course, there are always risks that include increased volatility from leverage and sensitivity to long-term Treasury rates, but we've seen long-term rate stabilization within a fairly narrow range.

NEW YORK, Jan. 26, 2026 /PRNewswire/ -- The AllianceBernstein Closed-End Funds declared the following distributions today: FUND NAME AND DISTRIBUTIONS EX-DATE RECORD DATE PAYMENT DATE AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) 2/5/2026 2/5/2026 2/20/2026 $0.0655 per share of investment income AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) 2/5/2026 2/5/2026 2/20/2026 $0.05018 per share of investment income The Funds are managed by AllianceBernstein L.P. View original content:https://www.prnewswire.com/news-releases/alliancebernstein-closed-end-funds-announce-distribution-rates-302670234.html SOURCE AllianceBernstein Closed-End Funds

NEW YORK, Jan. 26, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of December 31, 2025. AllianceBernstein National Municipal Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio % 1) Melissa Independent School District Series 2024-2 4.25%, 02/01/53 2.16 % 2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54 2.00 % 3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53 1.97 % 4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54 1.93 % 5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 1.92 % 6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54 1.86 % 7) Worthington City School District Series 2025-2 5.50%, 12/01/54 1.86 % 8) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55 1.85 % 9) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55 1.85 % 10) County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50%, 10/01/55 1.83 % Sector/Industry Breakdown Portfolio % Revenue Health Care - Not-for-Profit 12.77 % Airport 10.26 % Revenue - Miscellaneous 7.18 % Toll Roads/Transit 5.51 % Industrial Development - Airline 5.14 % Prepay Energy 4.74 % Higher Education - Private 3.83 % Primary/Secondary Ed.

NEW YORK , Dec. 26, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed‑end investment company, today announced earnings for the Fund's fourth fiscal quarter ended October 31, 2025. Total net assets of the Fund* on October 31, 2025 were $350,811,480 as compared with $322,750,581 on July 31, 2025, and $361,430,563 on October 31, 2024.